Duck Creek Technologies Boosts Expected IPO Price Range to $23-$25 A Share
12 Agosto 2020 - 8:37AM
Noticias Dow Jones
By Colin Kellaher
Duck Creek Technologies Inc. on Wednesday raised the expected
pricing range of its initial public offering of 15 million shares
to $23 to $25 apiece from a prior range of $19 to $21 each.
At the $24 midpoint of the new range, the Boston provider of
software and services to the insurance industry said it expects net
proceeds of about $333.7 million, or roughly $384.7 million if the
underwriters exercise an option to buy an additional 2.25 million
shares.
In a filing with the Securities and Exchange Commission, Duck
Creek said it would have about 130.6 million shares outstanding
after the IPO, assuming exercise of the overallotment option, for a
valuation of about $3.13 billion at the $24-a-share midpoint.
Duck Creek said funds advised by private-equity firm Apax
Partners L.P. will own a roughly 33.2% stake, assuming exercise of
the greenshoe, while Accenture PLC will own about 22.1%.
Duck Creek said it has applied to list its shares on the Nasdaq
Global Market under the symbol DCT.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
August 12, 2020 09:22 ET (13:22 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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